By Emmanuel Mensah-Abludo
ARB Apex Bank PLC has commended Nandom Rural Bank for achieving 48.94% growth in its loans and advances to customers in the 2023 financial year, from GHS7.69 million in 2022 to GHS11.45 million in 2023.
The Tamale Manager of ARB Apex Bank, Abapol Pius Awonseba, made the commendation at the 42nd Annual General Meeting of the Nandom Rural Bank in Nandom when he stood in for the Managing Director of ARB Apex Bank, Alex Kwasi Awuah.
Mr Awonseba observed that the feat demonstrates Nandom Rural Bank’s unwavering dedication to offering appropriate loan packages that support enterprises and individuals, saying the move is advantageous for businesses in Nandom and the adjoining communities.
He admonished loan beneficiaries to repay on schedule to enable more customers to equally benefit from the Bank’s loan facilities in order to help expand the local economy.
Mr. Awonseba equally doffed his hat to the Nandom Rural Bank for making 19.70% profit before tax (PBT) from GHS1.34 million in 2022 to GHS1.60 million in 2023 and stated that “the directors and management have demonstrated the ability of the Bank to remain viable in the face of economic constraints”.
Touching on the introduction of the digital banking solutions for the comfort of the customers of the Rural and Community Banks (RCBs), he stated that Mobile Banking solution recently outdoored the *992# USSD short code with which customers can perform a number of services, including funds transfer, bills payments, and statement requests, among others.
Mr Awonseba told the AGM that ARB Apex Bank has also distributed more than 1,500 point-of-sale (PoS) devices to RCB banking agents across the country to help customers access almost the same banking services they receive in the traditional banking halls and more from bank agent locations, including supermarkets, pharmacies, market centres, and restaurants across the country.
The Board Chairperson of the Nandom Rural Bank, Pognaa Cecilia Tuor, said in spite of the Bank operating under what she termed “tough and challenging economic conditions” such as high inflation and Domestic Debt Exchange Programme (DDEP) during the year under review, the Bank recorded positive growth in all areas of its balance sheet. She indicated that the Total Assets of the bank as at the end of December, 2023 grew from GHS 40.24 million to GHS 48.16 million representing a year on year growth rate of 16.45%.
Pognaa Tuor added that net operating income grew by 14.42% from GHS 7.13 million in 2022 to GHS 8.16 million in 2023. “It is also significant to note that 80% of the bank’s total asset is invested in earning assets. It is evident that the Bank is on a sound footing, and its future sustainability as a going concern is guaranteed. Your bank continued to perform well among its peers in the Rural and Community banking sector,” Pognaa Tuor observed.
She said the Board and Management of the bank shall continue to give proper direction and administration to the Bank and ensure that the Bank remains strong and focused in the attainment of its strategic objectives. On expansion and growth, Pognaa Tuor stated that “a new strategic plan for the bank has been developed to oversee its operation for the next four (4) years from 2024 to 2027 financial years,” and said the strategic plan will reposition the bank stronger amidst stiff competition in the industry.
She announced that the Bank in partnership with the Netherlands Development Organisation (SNV) has disbursed over GHS 1 million to individuals, Households and Small, Medium enterprises (SMEs) at very minimal interest rates through the Health Future For All (HF4A) Project to take care of their Water, Sanitation and Hygiene (WASH) needs.
The Municipal Chief Executive (MCE) of Nandom, Raymond Nero, announced that the Government of Ghana in its digitalisation agenda, has secured funding from the World Bank to digitalise the operations of Rural and Community Banks in the country through ARB Apex Bank.
He pointed out that the move will bring respite to customers of RCBs to seamlessly do business with the banks without necessarily visiting the banking premises physically.
